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Dr. Axel Meisen |
Newfoundland and Labrador Premier Danny Williams outlined the
province’s difficult fiscal challenges in a province-wide
television address on Jan. 5. Premier Williams said an independent
review of the province’s finances indicates unsustainable
budget deficits in the coming years. Without changes, the province
will add up to four-billion dollars to the province’s
debt, pushing it to nearly $16-billion. Left unresolved, he
said this budget crisis “will threaten the future sustainability
of the province and seriously compromise our social programs
and way of life.”
Memorial’s President Axel Meisen said that, as the government
develops its course of action to address the deficit and debt,
the university – a publicly funded body – will be
in contact with government officials to see what role the university
can play in finding solutions to the fiscal crunch.
Tapping bright minds
Dr. Meisen said the university is looking forward to working
with the government in many ways on solutions to the fiscal
situation. “Some of the brightest minds in the province
are here at Memorial,” Dr. Meisen said. “Bringing
this intellectual power to bear on the financial problem could
yield some new, creative solutions.”
In his address, the premier outlined a two-pronged approach
to fixing the budget problem that includes finding savings in
government expenditures and growing the economy to increase
revenue.
“First, we must regain control of our expenditures over
a reasonable time frame,” the premier said. “Second,
even as we attempt to grapple with the deficit, government will
also have an unwavering commitment to growing our economy, creating
new jobs and expanding our revenue base.” Premier Williams
said that while the fiscal challenge is tremendous, “the
greater challenge — and frankly, the one that motivates
me — is turning the economy around so we generate new
industries, small business growth, new investment and new jobs.”
Spurs economic development
Dr. Meisen said that the university continues to play a supportive
role to communities and businesses, through the transfer of
university-developed ideas, and through the education of highly
qualified personnel for the knowledge-based economy. In addition,
the university is a key factor in attracting innovative, leading-edge
companies to the province. Dr. Meisen said that the university
is committed to developing young entrepreneurs to expand the
province's economy. In particular, the university is developing
into a centre of expertise in the oil and gas sector, a long
term initiative aimed at creating a sustainable industry —
based on expertise and knowledge — one that will last
beyond the oil reserves. The university stimulates major economic
activity in the province through attracting increasing numbers
of students from out of the province and external research funding.
The latter exceeded $50 million last year, with most of these
monies being spent on goods and services in the province.
“The province is clearly committed to tackling its financial
issues, and I believe that Memorial can help create a bright
future for the province,” Dr. Meisen said.
For more information on the province's financial situation,
visit the government's Web site at www.gov.nf.ca/financialsituation/.
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issue: January 22, 2003
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